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AGEC 242 (10)
Chapter 7

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Department
Agricultural Economics
Course
AGEC 242
Professor
Brahm Canzer
Semester
Fall

Description
Chapter 7 – Management, Leadership and the Internal Organization What is Management? - Management: process of achieving organizational goals through people and other resources o Job is to combine human and technical resources in best way possible - Management Hierarchy o Top Management: CEO, CFO, Premier/Mayor  Developing long-range plans for organization  set direction  Inspire company’s executives and employees to achieve their vision  TD Bank’s Ed Clar: stock market valued to pre-crisis level  Uninterrupted dividend payouts shareholders  Investors’ confidence if future growth o Middle Management: regional manager, division head, director/dean  Focus on specific operations, products of customer groups  Develop detailed plans and procedures  Budget money for product development  Identify new uses for existing products  Often come up with new ways to increase sales or solve company problems o Supervisory Management (first line management): supervisor, department chairperson, program  Assign specific jobs and assess performance of nonmanagerial employees  Work directly with employees  Carry out middle managers’ plans by motivating workers - Skills needed for Managerial Success o Technical: ability to understand and use techniques, knowledge tools and equipment of specific dep  Less important at higher levels of management, but most started out as technical experts o Human: interpersonal skills that help managers work effectively with people  Ability to communicate with, motivate, lead employees  Interact with people inside and outside of organization  Have to be adapted to different forms o Conceptual: seeing organization as a single unit and understand how each part interacts  Can see big picture by acquiring, analyzing and interpreting information  Especially important for top level b/c must develop long-range plans for future direction - Managerial Functions o Planning: looking forward to future events and conditions, deciding course of action to achieve goal  Allows focus on vision, avoid costly mistakes and seize opportunities  Should be flexible and responsive to changes o Organizing: blending human and material resources through formal structure of tasks, authority  Arranging work, dividing tasks, coordinating to ensure plans carried out  Sometimes requires studying company’s existing structure, and whether to restructure o Directing: guiding and motivating employees to accomplish goals  Can be training/retraining, setting up schedules, assigning tasks, monitoring progress  When take time to listen to employees, gain understanding and employees feel manager cares o Controlling: assessing organization’s performance against its goals  Setting up performance standards, monitoring actual performance, comparing actual with standards, making corrections if needed Setting a vision and ethical standards for the firm - Vision must be focused but still flexible enough to adapt changes - Ethical tone set can lead to financial and nonfinancial rewards o Nonfinancial can be motivation encouragement and inspiration to employees to achieve goals o Mattel is one of “world’s most Ethical Companies” o Sometimes ethical stand can be negative  Google cutting operations in China due to censorship  Received support from internet world but mild support from business world Importance of Planning - Types of Planning: plans must include narrow functional (for employees) as well as big picture for firm o Strategic: (Top) primary objectives and taking action, Long term plans o Tactical: (Middle) set out in strategic plans. Guide current and short-term activities for overall strategies, quarterly and semi-annual plans o Operational: (Supervisory) detailed standards to carry out tactical plans, daily/weekly o Contingency: (primarily top, but all) when plans go wrong  try to resume operations as quickly and smoothly  Easier to openly tell public if they have contingency  Outlines chain of command for crisis management  On going plans in case of emergency Strategic Planning Success - Defining a mission: a written description of organization’s overall business purpose and aims o Statements can be long or short o States firm’s purpose for being In business and overall goal - Assessing organization’s competitive position o SWOT Analysis: tool used by managers to assess factors that can grow or cause to fail  Strengths, weaknesses, opportunities, threats  Strengths give leverage for opportunities. Weakness constrains Opportunities  Strengths are vulnerable to threats (new gov regulations)
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